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Government reaffirms its support to Foreign Direct Investment in a high-level dialogue with more than 250 representatives of multinational companies

JULY 27th 2018

•CINDE organized a high-level dialogue where President Carlos Alvarado recognized these companies’ social impact on the national economy and the generation of employment.

•“Our challenge is to promote linkages with the rest of the economy to generate more and better employment opportunities in all the country, specially, in the most vulnerable regions,” said the President.

•The President and the Ministers from the economic sector affirmed that the Free Trade Zone Regime will not be modified during this administration.

San José, July 26th, 2018. This Thursday, the President of the Republic of Costa Rica, Carlos Alvarado Quesada, gathered with more than 250 representatives of multinational companies from the corporative sectors; life sciences; advanced and light manufacture and food industry, in a high-level corporate dialogue organized by the Costa Rican Investment Promotion Agency (CINDE).

During the panel, the President reaffirmed his support and trust to the Foreign Direct Investment (FDI) companies. He recognized the social impact of these industries, since they generate more than 100.000 direct employments for Costa Ricans, and they are also one of the main drivers of the country’s economy.

The panel counted with the presence of the First Lady of the Republic, Claudia Dobles; the Minister of Foreign Trade, Dyalá Jiménez; the Private Sector Liaison Minister, André Garnier; the Minister and Chief Economic Advisor to the President, Edna Camacho; CINDE’s Chairman of the Board of Directors, Luis Gamboa; and CINDE’s Managing Director, Jorge Sequeira.

During the activity, the corporates interacted with the different government’s representatives, since they had the possibility to ask questions related to important subjects such as: the simplification of procedures, infrastructure, free trade zones, investment outside the Greater Metropolitan Area; conditions for Research and Development, human capital, bilingualism and costs.

President Alvarado said that: "companies in the Free Trade Zone system generate a boost in the country's economy and our challenge is to promote linkages with the rest of the economy, to generate more and better employment opportunities throughout the national territory, especially in the most vulnerable regions. "

"We reiterate our commitment to maintain the stability of the Free Trade Zone Regime; we recognize its importance and that is why we do not contemplate changing the rules or the fiscal conditions,” he said.

The Minister of Foreign Trade, Dyalá Jiménez, highlighted the importance of these meetings: "It is always a valuable opportunity to talk directly with the companies that operate successfully in Costa Rica. Their permanence and their positive operations’ development confirm that the country offers favorable competitiveness conditions and investment climate. These meetings also allow us to hear their concerns at first-hand, as well as to reaffirm our commitment as an Administration to offer an increasingly competitive business climate. We will continue working and we expect to grow to become a better country, hand in hand with these companies. "

"Throughout 36 years, CINDE has worked hand in hand with nine government administrations with the objective of generating social benefits for Costa Rica through FDI. One of our functions is to promote investment climate improvement and, for this, it is ideal to generate this type of discussions to expose the needs and plans of each of the sectors,” said Jorge Sequeira, CINDE’s Managing Director.

He added that: "we are extremely satisfied with the firm commitment expressed by the President and his cabinet regarding competitiveness issues to face future challenges; as well as the commitment of multinational companies to continue investing in the country ".

In 2017, the multinational companies attracted by CINDE generated 23% of the formal employment created by the country’s private sector, even though they represent less than 1% of the business park in Costa Rica.

The Costa Rican Social Security reported that, last year, these companies created 13,754 jobs, which are high quality and well paid.

About CINDE

CINDE is a private, non-profit organization that for 36 years has been committed to the sustainable development and social progress of Costa Rica by attracting Foreign Direct Investment in manufacturing industries and high value-added services that generate quality jobs, transfer knowledge and create productive linkages. It also collaborates in strengthening the Costa Rican business climate in such a way that it fosters the growth of activities of value for the country, the improvement of the preparation of local talent, the generation of employment and greater opportunities for its population in the different communities in the country.

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Free Zones

The Costa Rican Investment Promotion Agency (CINDE) is a private, non profit and apolitical organization that provides investment services for free. During its 35 years, CINDE has attracted more than 280 high-tech companies to Costa Rica, including worldwide leaders such as: Intel, Procter and Gamble, ICU Medical, Baxter, St. Jude Medical, Western Union and many others.